BIDV set profit target of US$408 million
BIDV set its pre-tax profit at VND9.3 trillion (US$408 million) in 2018, up 7.3% year on year.
Concurrently, the lender will focus on increasing its equity from issuing shares to foreign investors, said BIDV's documents in a prepared for the annual general meeting.
BIDV set profit target of US$408 million.
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Capital mobilization growth rate is reported at 17.4%, while credit growth accounted for 21.4%. Additionally, its bad debt is kept under control at 1.44%, and pre-tax profit reached VND8.6 trillion (US$377.1 million).
The bank set its maximum credit growth target at 17% in 2018, which is within the limit instructed by the State Bank of Vietnam, along with mobilization rate of 17%, and bad debt under 2%. The bank also set its dividend payment in 2017 with 7% in cash.
As plan going forward, BIDV will prioritize developing digital banking in all bank's operation, which is currently considered a growing trend among Vietnamese banks.
In an related move, KEB Hana Bank, a subsidiary of Korea`s Hana Financial Group, plans to acquire a stake in BIDV as part of its business expansion, reported Business Korea on March 9. The deal is nearly closed as the final step of the process was approved by the Vietnamese government, the report claimed.
BIDV has been named among the top 500 most valuable banking brands in 2018, according to Brand Finance`s report on February 1. Specifically, BIDV, saw its rank increase from 401st to 351st.
BIDV is one of Vietnam's four major government-run commercial banks. It staged its initial public offering (IPO) in 2011 and was listed on the Ho Chi Minh City Stock Exchange in 2012.
The bank merged with Mekong Housing Bank (MHB) in 2015 and the new entity acquired the name and legal status of BIDV and took up its headquarters. After the merger, BIDV reported a 12% rise in its registered capital from VND28.11 trillion (US$1.30 billion) to VND31.48 trillion (US$1.44 billion).
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